Frederick Wallace Smith, known as Fred Smith, is an American business magnate and investor. He is the founder of FedEx Corporation.
In this article, WCnetworth will delve into Fred Smith net worth as of 2023, shedding light on his remarkable financial achievements. Let’s follow!
What is Fred Smith Net Worth and Salary 2023?
According to Forbes, Frederick W. Smith had an estimated net worth of $5 billion in 2023, becoming one of the richest business people all around the world.
As the Chairman and CEO of FedEx Corp, Smith’s wealth is primarily derived from his ownership of approximately 19,506,407 shares of FedEx Corp (FDX) stock, which is worth over $4.2 billion as of June 1, 2023.
In addition to his net worth, Smith receives a salary from the Fred Smith Company, where the average annual salary ranges from $37,199 for a Leasing Agent to $67,293 for a Maintenance Supervisor.
The average hourly pay at the company varies from $7.75 for a Shop Assistant to $19.87 for a Maintenance Technician.
As the CEO of FedEx, Smith has also received a promotional bonus of $250,000, payable in two installments in June 2022 and June 2023. Along with restricted stock and stock option awards commensurate with his role as CEO.
Smith’s leadership has propelled FedEx to become one of the world’s largest express transportation companies. Boasting annual revenues of over $60 billion and employing more than 400,000 people.
Fred Smith’s Overview
Early Life
Fred Smith, born on August 11, 1944, in Marks, Mississippi, faced numerous challenges during his early life. He is the son of James Frederick Fred Smith, the founder of the Toddle House restaurant chain and the Smith Motor Coach Company.
His father passed away when he was only four years old. As a young boy, Smith was afflicted with Calve Perthes disease, a form of childhood arthritis that affected his hips and required him to use crutches and braces for support.
He attended Memphis University school where he excelled academically.
Smith went to Yale University in 1962 after he graduated from high school. He planned to study economics and political science there. However, he found himself more drawn to campus social activities which impacted his academic performance.
Career
Smith’s entrepreneurial journey began with a revolutionary idea he conceived in 1971 while studying economics at Yale University: delivering packages reliably overnight.
Despite receiving a grade of C for his term paper outlining this concept, Smith persisted with his vision and launched Federal Express in 1973 using his own money.
He built a unique hub-and-spoke delivery network to keep pace with the developing computer industry, establishing the company as the delivery service of choice for modern businesses.
Smith operated his company on a basic premise called P-S-P: people, service, profit, believing that these three concepts work in a circle, each supported by the others.
Throughout his career, Smith has been known for his accessibility to employees, risk-taking, and innovative approach to business.
Under his leadership, FedEx has grown to deliver to over 210 countries, employing more than 170,000 people and utilizing over 600 aircraft and 46,000 vehicles.
Smith’s accomplishments have earned him numerous accolades, including induction into the Junior Achievement U.S. Business Hall of Fame and the Golden Plate Award of the American Academy of Achievement.
Personal Life
Smith married Linda Black Grisham in 1969, but the couple divorced in 1977. He later married Dianne Avis, and together they have ten children.
Smith has been drawing inspiration from various historical figures and authors. Some of his favorite books include Modern Times by Paul Johnson.
Why is Fred Smith Famous?
As an American business executive, Fred Smith revolutionized the express-delivery industry by creating one of the largest delivery companies in the world.
Smith’s success can be attributed to his innovative hub-and-spoke delivery network, which he developed based on observations from a college economics paper.
This unique system allowed FedEx to keep pace with the rapidly growing computer industry and become the preferred delivery service for modern businesses.
Smith’s entrepreneurial characteristics, such as his people-service-profit (P-S-P) philosophy and his ability to take risks, have contributed to his lasting fame and the continued success of FedEx.
FAQs about Fred Smith
Has Fred Smith won any awards or recognitions?
He has received numerous awards and recognitions. For example: the CEO of the Year by Chief Executive Magazine in 2004 and the Super Entrepreneur by Wharton School of Business.
What other businesses or interests does Fred Smith have?
Fred Smith is also a co-owner of the Washington Football Team (previously known as the Washington Redskins) in the National Football League (NFL).
He is also involved in several civic, charitable, and business organizations, including the Business Roundtable and the CATO Institute.
What was Fred Smith’s role in the military?
Fred Smith served in the U.S. Marine Corps from 1966 to 1970, where he was an officer and aviator. He served two tours of duty in Vietnam and earned several military awards.
What is Mark Hamill’s net worth?
Mark Hamill’s net worth is estimated to be $20 Million in 2023.
Conclusion
In conclusion, Frederick W. Smith’s net worth in 2023 stands as a testament to his remarkable success as an entrepreneur and business magnate.
Smith transformed FedEx Corporation into a global powerhouse in the logistics industry. As of 2023, his net worth reflects the substantial wealth he has accumulated throughout his career.
If you want to know about him, check out our website WCnetworth.com for more information. Thanks for reading!
